Reuters exclusively reveals China’s Kaisa pressured by local government to repay wealth product investors

Reuters exclusively reported that Chinese property firm Kaisa Group Holdings Ltd, under pressure from authorities, is working furiously to come up with a feasible plan to repay wealth product investors. Kwok Ying Shing, chairman of the cash-strapped developer, has agreed to a request from the government of Shenzhen, where the company is based, to provide a proposal to repay investors in its wealth management products by the end of January. If the company fails to do so, possible consequences could include the Shenzhen government seizing some of Kaisa’s assets and gradually taking over the company.